Indian Bank to seek EGM nod for Rs. 280 crore fund infusion

The Board of Directors of Indian Bank has, in its meeting held on February 14, 2015, approved the decision of Government of India to infuse capital funds to the tune of Rs. 280 crore in the Bank by way of preferential allotment of equity in favour of Government of India.

The Board has also decided to convene an Extra-ordinary General Meeting of the shareholders of the Bank for obtaining their approval for the above proposed Preferential issue to the Government of India and the Extra-ordinary General Meeting is fixed to be held on March 23, 2015 at 10.00 a.m. at IMAGE Auditorium, Raja Annamalaipuram, MRC Nagar, Chennai - 600 028.

Accordingly, the Relevant Date for determination of Issue Price pursuant to SEBI (ICDR) Regulations, 2009 is February 20, 2014.

Shares of INDIAN BANK was last trading in BSE at Rs.186.15 as compared to the previous close of Rs. 183. The total number of shares traded during the day was 16195 in over 664 trades.

The stock hit an intraday high of Rs. 186.7 and intraday low of 182.3. The net turnover during the day was Rs. 2999090.

Source : Equity Bulls

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